Lateral Flow Assays Market Analysis

Lateral Flow Assays Market Analysis

Lateral flow assays market share from the multiplex detection assays is expected to cross USD 3.9 billion by 2032. Multiplex detection assays aid in the detection of multiple targets due to their flexibility and functionality. This enables the testing method to analyze several analytes independently and effectively. Multiplex detection assays also offer statistical precision as it collects data using several beads for each ligand. The cost-effectiveness and quicker turnaround time that comes with using these tests is anticipated to drive its application across research and clinical laboratories in the coming years.
 

The cardiac marker testing application accounted for nearly 26.4% share of the lateral flow assays market in 2022. These tests are gaining high popularity owing to the increase in cases of cardiovascular disease as well as the globally expanding geriatric population base. Older individuals are often prone to chronic diseases like heart attack, stroke, and coronary artery disease due to their weakened immune systems. As per the Centers for Disease Control and Prevention (CDC), most people with heart disease are 65 years or older and almost 17% of adults above the age of 65 were reported to have coronary heart disease. As a result, there is a growing need for diagnostic tools like lateral flow assays that can detect cardiac disease and recommend the best course of therapy.
 

Lateral flow assays market share from the hospital & clinics end-use segment will observe a 4.8% CAGR between 2023 and 2032. Lateral flow diagnostics are used across hospitals and clinics as they offer quick and accurate results. During the COVID-19 pandemic, many hospitals and clinical institutions utilized lateral flow immunoassay to detect the infection on a large scale. The requirement for advanced diagnostic solutions in clinical settings will facilitate product penetration over the forthcoming years.
 

Europe lateral flow assays market is expected to be worth USD 4.6 billion by end of 2032. In many western European countries, point of care testing (POCT) which includes lateral flow assays as well as lateral flow-based platforms or technology, is commonly employed in healthcare settings. Based on estimates, more than 25% of laboratory tests are carried out in POC settings by academic institutions and hospitals in nations like Belgium and Germany, among others. This type of testing is carried out in pharmacies, home visits, and other outpatient nursing facilities in Germany. It is anticipated that widespread adoption of lateral flow tests in numerous European nations will spur regional market progress.